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To Our Shareholders

I would like to express my gratitude for your continuous support.

In the fiscal year 2016, the second year of the Medium-term Business Plan (2015-2017), amid solid market environment, we have achieved our record-high profits for two consecutive years.

Based on our primary policy of "Deep cultivation of the core business of the construction industry", we will continue to strive to respond appropriately to the present high demand by pursuing national projects (such as the New National Stadium and the Chuo Shinkansen Project) and large private-sector projects. We will also continue to seek to achieve the steady and sustainable growth of our group by increasing our mid-to-long term competitiveness, taking into consideration the relative uncertainty of market conditions following the year 2020.

Furthermore, as one of leading companies in the industry, we will take the initiative in advancing productivity and addressing work style reforms to secure and develop workers in the construction industry.

With regard to dividends for this period, we propose an annual cash dividend of 20 yen per share (including an interim dividend of 8 yen). In determining this figure, we have taken into consideration the fact that we have significantly exceeded the original targets of our Medium-term Business Plan, and positively revised our initial overview of the business environment and other market factors.

Additionally, at the Board meeting on May 12, 2017, acquisition of the Company’s own share, the maximum limitation of which is 40 million shares (25 billion yen), was resolved in order to increase shareholder returns and to improve the capital efficiency.

I sincerely appreciate your continuous and invaluable guidance and support.

Yoshiyuki Murata

President and Chief Executive Officer